A $5 billion placement by CATL is expected to trigger renewed share sales
activity in Hong Kong, though volatility linked to the Iran war has recently
dampened deal flow. Total proceeds from Hong Kong placements and block trades by
listed firms fell 9% year on year to $14 billion through April. Market
instability, driven by shifting developments such as ceasefire headlines,
disrupted investor appetite for overnight bookbuilding deals. This marks a
slowdown from last year, when BYD and Xiaomi each completed $5 billion-plus
placements. JPMorgan’s Peihao Huang said volatility has weighed on activity but
expects a more diversified pipeline and higher overall equity-related issuance
this year.